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NEWS BITS from Nigeria, 21 June 2013

21-Jun-2013

NIGERIAN PETROCHEMICAL SUB-SECTOR ATTRACTS $20BN IN 12 MONTHS
The 14th meeting of the Honorary International Investment Council (HIIC) began on Thursday. In his address, the Minister of Trade and Investments, Olusegun Aganga, hinted that the Nigerian Petrochemical sub-sector has attracted over $20bn in the last 12 months, out of which $8bn contribution came from Aliko Dangote. Aganga also revealed that there was significant increase in foreign direct investment in the economy and that the investment in petrochemicals has encouraged value addition into the oil and gas sector and generated employment.

 

ALL-IN-ONE PC FOR CONSUMERS
Have you seen the Samsung All-In-One PC? According to Folashade Oyelayo, the PC is a hybrid of the desktop. It has the CPU and the Monitor in one box unit. The Samsung PC comes in different sizes and has some interesting features like alltouch function that allows a user use all ten fingers. The new All-in-one inherits Samsung’s advanced engineering, craftsmanship, with highly finessed and stylish design. Moreover, its high performance makes it stand out.

 

ECOBANK NIGERIA BOOSTS GROUP’S REVENUE BY $743m
Ecobank is now one of Nigerian’s six Tier-1 banks. It has established its presence in 33 countries in addition to international offices in Paris, London, Dubai and Beijing. In its 2012 financials presented to shareholders, Ecobank Nigeria accounted for $9.1bn total assets of the group which stood at $20bn in the review year. It was also gathered that that Ecobank Nigeria accounted for $743m revenue out of $1.75bn generated by Ecobank Group. At this level, Ecobank Nigeria takes the lead among other 14 Francophone/West African countries.

 

FG SAYS NIGERIAN REQUIRES 60000 TELECOMMUNICATION MASTS TO IMPROVE QoS
Presently, Nigeria has 26,500 Base Transreceiver Stations (BTS), however, statistics shows that there are about 160m connected telephone users in the country and therefore, additional 60,000 BTS are needed to abate the persistent drop in telecommunication service. This five-fold increase according to the Minister of Communications Technology, Omobola Johnson, is needed to be deployed across the country before 2018.

 

ARIK AIR SIGNS ORDER FOR SEVEN NEXTGEN AIRCRAFT WORTH $297m
Arik Air has signed a firm agreement for 3 CRJ1000 NextGen Regional Jets and 4 Q400 NextGen Tier turboprop airliners worth $297m. It will be the first to operate the CRJ1000 NextGen air craft in Africa. Currently, it operates 4 CRJ900 air craft and 2 Q400 NextGen air craft. These planes are manufactured by Bombadier Aerospace.

 

DELIVERING ICT DIVIDENDS; THE WEAK AND THE MISSING LINKS
John Adebisi, a social commentator, has written on the merits and demerits of the Global Systems for Mobile Communication (GSM) in Nigeria. Among other things, John wrote that before the roll out of GSM services in 2001, there were less than 400,000 fixed telephone lines. Today, over 116 million people are talking on their active mobile lines, according to figures released by Nigerian Communications Commission (NCC). This laudable situation, good as it were, is characterized by high tariffs, poor services, and cumbersome MNP process. John wants Nigeria as an emerging market to consider the application and promotion of ICT strategy to facilitate its rapid growth and development. Nigeria should develop a vibrant ICT sector to drive and expand the national production frontiers in agriculture, manufacturing, service sector, governance, entertainment, public services, media sector, tourism, etc.

 

MAINSTREET BANK BOUNCES BACK AS PROFITS HIT N24.1bn
Mainstreet Bank witnessed major turn-around in 2012. Its audited report for the year ended December 31, 2012 revealed that the bank made a profit of N24.1bn. This is actually a turn-around from previous year’s $4.4bn loss. Again, a stable and steady performance with capital adequacy ratio and liquidity ratio of 92% and 137.9% respectively were highlighted in the report. This result has rekindled hope across the industry especially among customers, financial analysts and investors.

 

INCREASED PARTICIPATION BY DOMESTIC INSTITUTIONAL INVESTORS WOULD REDUCE FOREIGN DOMINANCE IN CAPITAL MARKET
In an interview with Olumide Oyetan, the CEO of Stanbic IBTC Asset Management Ltd, Business Day was stunned to learn various measures to increase domestic institutional investment in the capital market. Olumide is of the opinion that with lots of reforms going on in the capital market, wooing the domestic investors and organizations to participate in the market would return the sector to better growth. He said that the main factors responsible for the emerging dominance of Foreign portfolio investors was the low domestic investor confidence level following the global financial crisis, as well as the high yield on fixed income securities of 2011 and 2012. He goes on to suggest that the key to reducing the dominance of foreign investors is increase in participation by such institutions as pension funds, asset management companies, insurance companies, and so on. From him it is learnt that reforms encouraging the inclusion of the telecommunications, upstream oil and gas sectors and increasing the participation of multinationals on the exchange will go a long way towards creating a more robust and deeper capital market.

 

POLICY, A TYPE OF INFRASTRUCTURE
According to Adebiyi Adeyemi, an analyst, infrastructure can be tangible and intangible. They are all provisions tangible or intangible provided mostly by the government, individuals or association of individuals that positively enables dweller’s activities… making less cost and stress to be incurred, … making living easier and its standard higher. Policy is a type of intangible infrastructure possessing same characteristics as physical infrastructure. Some of these characteristics are generality, equitability, indispensability, longevity, etc. Both tangible and intangible infrastructure on the scale of importance is quite at par and none should be given up for the other.

 


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